##
|||Page||
|---|---|---|---|
|Reference and Administrative
Details||||
|Report ofthe Trustees|2|to|4|
|Report ofthe Independent
Auditors|5|to|7|
|Statement ofFinancial Activities||||
|Balance Sheet||||
|Cash Flow Statement||10||
|Notes tothe Cash Flow Statement||||
|Notes tothe Financial Statements|12|to|22|
##
|TRUSTEES|L Noe||||||
|---|---|---|---|---|---|---|
||S D Noe||||||
||S Kanter||||||
||SMNoe||||||
||A Karsberg|(appointed||||22.1.24)|
|CHARITY SECRETARY|R Chalk||||||
|PRINCIPAL ADDRESS|30 Market|Place|||||
||London||||||
||W1W BAP||||||
|REGISTERED CHARITY NUMBER|276441||||||
|AUDITORS|Melinek
Fine||LLP||||
||Chartered|Accountants|||||
||Statutory
Auditors||||||
||First Floor,|Winston|||House||
||349 Regents||Park Road||||
||London||||||
||N3 1DH||||||
|SOLICITORS|Fladgate
LLP||||||
||16Great Queen|||Street|||
||London||||||
||WC28 5DG||||||
|BANKERS|Metro Bank||||||
||1 Southampton|||Row|||
||London||||||
||WC1B 5HA||||||
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||||2023|2022|
|---|---|---|---|---|
||||Unrestricted|Total|
|||Notes|fund
E|fundsI|
|INCOME AND ENDOWMENTS|FROM||||
|Donations
and legacies|||643,916|3,803,561|
|Investment
income|||3,966,015|2,049,559|
|Total|||4,609,931|5,853,120|
|EXPENDITURE ON|||||
|Raising funds|||1,099,109|995,551|
|Charitable
activities|||||
|Education
and training|||1,430,772|1,470,909|
|The advancement
of health|||1,150,880|100,280|
|The prevention
and relief of poverty|||499,196|624,635|
|Religious
activities|||222,986|179,161|
|Other charitable
purposes|||267,495|329,167|
|Other|||119|87,574|
|Total|||4,670,557|3,787,277|
|Net gains/(losses)
on investments|||(1~097297)|4 127247|
|NET INCOME/(EXPENDITURE)|||(1(157923)|6 193~090|
|RECONCILIATION
OF FUNDS|||||
|Total funds brought
forward|||26,675,174|20,482,084|
|TOTAL FUNDS CARRIED FORWARD|||25,517,251|26,675,174|
##
||Balance Sheet|||
|---|---|---|---|
||303UNE 2023|||
|||2023|2022|
|||Unrestricted|Total|
||Notes|fund|fundsI|
|FIXEDASSETS||||
|Tangible assets|13|30,000|30,000|
|Inveshnents||||
|Investments|14|I|2,829,836|
|Investment
property|15|35,427,000|40,210,000|
|||3545700t|43 069~836|
|CURRENT ASSETS||||
|Debtors|16|1,415,733|1,733,981|
|Investments|17|2,060,000||
|Cash at bank||4,437,269|613,103|
|||7,913,002|2347,084|
|CREDITORS||||
|Amounts
falling due within one year|18|(2,955,504)|(4,071,783)|
|NET CURRENT ASSETS||4,957,498|(1,724,699)|
|TOTAL ASSETSLESSCURRENT LIABILITIES||40414~499|41345 137|
|CREDITORS||||
|Amounts
falling due after more than one year|19|(14,897,248)|(14,669,963)|
|NETASSETS||25,517,251|26,675,174|
|FUNDS|22|||
|Unrestricted
funds||25 517251|26~675 174|
|TOTAL FUNDS||25,517,251|26,675,174|
##
||||Notes|2023I|2022
6|
|---|---|---|---|---|---|
|Cash flows from operating||adivities||||
|Cash generated
from operaiions|||1|(2,403,451)|1,180,578|
|Net cash (used in)/provided|by operating||activities|(2,403,451)|1,180,578|
|Cash flows from investing||activities||||
|Purchase of investment
property||||(109,448)|(4,508,220)|
|Sale offixed asset investments||||2,774,986|350,000|
|Sale of Investment
property||||3,850,000||
|Interest
received||||20,234|2,025|
|Dividends
received||||1,862,207||
|Net cash provided
by/(used|in) investing||activities|8,397,979|(4,156,195)|
|Cash flows from financing||activities||||
|Proceeds from borrowlngs|||||2,496,493|
|Loan repayments
in year||||(1,548,072)|(548,724)|
|Interest
paid||||(622,290)|(542,968)|
|Net cash (used in)/provided|by financing||activities|(2,170,362)|1,404,801|
|Change
in cash and cash|equivalents||in|||
|the reporting
period||||3,824,166|(1,570,816)|
|Cash and cash equivalents||atthe||||
|beginning
ofthe reporting||period||613,103|2,183,919|
|Cash and cash equivalents||atthe end of||||
|the reporting
period||||4,437,269|613,103|
##
##
|RECONCILIATION|OF NET (EXPENDITURE)/INCOME|OF NET (EXPENDITURE)/INCOME|OF NET (EXPENDITURE)/INCOME|TO NET CASH FLOW|FROM OPERATING|FROM OPERATING|
|---|---|---|---|---|---|---|
|ACTIVITIES|||||||
||||||2023|2022|
||||||f|f|
|Net (expenditure)/income||for the reporting|period|(as per the|||
|Statement ofFinancial Activities)
Adjustments
for:|||||(1,157,923)|6,193,090|
|Losses/(gain)
on investments
Interest
received|||||1,097,297
(20,234)|(4,127,247 )
(2,025)|
|Dividends
received|||||(1,862,207)||
|Interest payable|||||622,290|542,968|
|(Increase)/decrease|in debtors||||(1,741,752)|319,805|
|Increase/(decrease)|in creditors||||659,078|(1,746,013)|
|Net cash (used in)/provided||by operations|||(2,403,451)|1,180,578|
|ANALYSIS OF CHANGES IN||NET DEBT|||||
|||||At 1.7.22|Cash flow|At' 30.6.23|
|||||f|f|f|
|Net cash|||||||
|Cash at bank||||613,103|3,824,166|4,437,269|
|||||613,103|3,824,166|4,437,269|
|Liquid resources|||||||
|Deposits
included
in|cash||||||
|Current asset investments|||||2~060~000|2,060,000|
||||||2,060,000|2,060,000|
|Debt|||||||
|Debts falling due within I year||||(1,675,647)|1,275,647|(400,000)|
|Debts falling due aRer 1year||||(14,135,063)|272,425|(13~862638)|
|||||(15810(710)|1 548 072|(14~262638)|
|Total||||(15~197607)|7432)238|(7765369)|
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|DONATIONS
AND LEGACIES|DONATIONS
AND LEGACIES|DONATIONS
AND LEGACIES|||||
|---|---|---|---|---|---|---|
||||||2023|2022|
||||||f|f|
|Donations|||||643,916|3,803,561|
|INVESTMENT INCOME|||||||
||||||2023|2022|
||||||f|f|
|Rents received|||||2,083,574|2,047,534|
|Fixed asset Investments|||||1,862,207||
|Deposit account interest|||||20,234|2,025|
||||||3,966,015|2,049,559|
|RAISING FUNDS|||||||
|Investment
management|costs||||||
||||||2023|2022|
||||||f||
|Management
costs|||||47,263|58,'I14|
|Property
repairs &Maintenance||costs|||48,223|42,109|
|Rates &Insurance|||||81,754|97,272|
|Legal ik Professional
fees|||||269,833|228,050|
|Other porffollo management|cost||||29,746|26,738|
|Interest payable &bank charge|||||622,290|542,968|
||||||1,099,109|995,551|
|CHARITABLE ACTIVITIES COSTS|||||||
|The total grants
paid to institutions|||during|the year was as follows:|||
||||||2023|2022|
||||||f|f|
|Great Ormond
Street Children's||Hospital|||1,000,050||
|The Kemach Foundation|||||690,405|686,055|
|Other donations
less than f300,000|||||1,880474|2,018,097|
||||||3,571,329|2,704,152|
|GRANTS PAYABLE|||||||
||||||2023|2022|
||||||f|f|
|Education
and training|||||1,430,772|1,'i70,909|
|The advancement
of health|||||1,150,880|100,280|
|The prevention
and relief of poverty|||||499,196|624,635|
|Religious activities|||||222,986|179,161|
|Other charitable
purposes|||||267,495|329,167|
||||||3,571,329|2,704,152|
##
##
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##
|SUPPORT COSTS||||||
|---|---|---|---|---|---|
||||||Governance|
||||||costs|
||||||f|
|Other resources expended|||||12,847|
|AUDITORS' REMUNERATION||||||
|||||2023f|2022
f|
|Fees payable to the charity's|auditors|for the audit of the charity's|financial|||
|statements||||12,847|9,435|
##
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|COMPARATIVES FOR THE ST|ATEMENT OF FINANCIAL ACTIVITI|ES|
|---|---|---|
|||Unrestricted|
|||fund|
|||f|
|INCOME AND ENDOWMENTS|FROM||
|Donations
and legacies||3,803,561|
|Investment
Income||2,049,559|
|Total||5,853,120|
|EXPENDITURE ON|||
|Raising funds||995,551|
|Charitable
activities|||
|Education
and training
The advancement
of health||1,470,909
100,280|
|The prevention
and relief of poverty||624,635|
|Religious
acbvities||179,161|
|Other charitable
purposes||329,167|
|Other||87,574|
|Total||3,787,277|
|Net gains on investments||4,127,247|
|NET INCOME||6,193,090|
##
##
##
##
|COMPARATIVES|FOR THE STATEMENT OF FINANCIAL ACTIVIT|IES - continued|
|---|---|---|
|||Unrestricted|
|||fund|
|||E|
|RECONCILIATION|OF FUNDS||
|Total funds brought|forward|20,482,0$'-I|
|TOTAL FUNDS CARRIED FORWARD||26,675,174|
|TANGIBLE FIXED|ASSETS||
|||Freehold|
|||propert]'|
|||E|
|COST|||
|At 1July 2022 and 30June 2023||30,000|
|NET BOOK VALUE|||
|At 30June 2023||30,000|
|At 30June 2022||30,000|
##
##
|FIXEDASSETINVESTMENTS||||
|---|---|---|---|
||Usted|Unlisted||
||Investments|investments|Totals|
||E|E|E|
|MARKET VALUE||||
|At 1 July 2022|19,835|2,810,001|2,829,836|
|Dlsposals|(19,835)|(2,810,000)|(2,829,835)|
|At 30June 2023||||
|NET BOOK VALUE||||
|At 30June 2023||||
|At 30June 2022|19835|2 810 001|2~829g836|
##
##
##
|FAIR VALUE||
|---|---|
|At 1July 2022|40,210,000|
|Additions|109,448|
|Dlsposals|(3,850,000)|
|Revaluation|(1,042,448)|
|At 30June 2023|35~427~000|
|NET BOOK VALUE||
|At 30June 2023|35,427,000|
|At 30June 2022|40,210,000|
|Fair value|at 30June 2023 is represented|by:||
|---|---|---|---|
||||I|
|Valuation|In 2019||(1,537,576)|
|Valuation|In 2020||141,127|
|Valuation|in 2021||(93,000)|
|Valuation|in 2022||4,126,780|
|Valuation|in 2023||(1,042,448)|
|Cost|||33,832,117|
||||35,427,000|
##
|DEBTORS:A|MOUNTS FALLING DUE WITHIN ONE YE|AR||
|---|---|---|---|
|||2023|2022|
|||6|6|
|Trade debtors||124,134|171,742|
|Other debtors||1,048,438|1,205,819|
|Prepayments|and accrued income|243,161|356,420|
|||1,415,733|1,733,981|
##
##
##
##
|CURRENT ASSETINVES|TMENTS|||
|---|---|---|---|
|||2023|2022|
|||E|E|
|Otherinvestments||2,060,000||
|CREDITORS: AMOUNTS|FALLING DUE WITHIN ONE YEAR|||
|||2023|2022|
|||E|E|
|Bank loans and overdrafts|(see note 20)|400,000|1,675,647|
|Trade creditors||19,266|9,157|
|Taxation
and social security||67,685|105,745|
|Other creditors||2,468,553|2,281,234|
|||2~955~504|4,071,783|
##
|CRE|DITORS: AMOUNTS FALLING DUE AFTER MO|RE THAN ONE YEAR||
|---|---|---|---|
|||2023|2022|
|||E|E|
|Bank|loans (see note 20)|13,862,638|14,135,063|
|Other|creditors|1,034,610|534,900|
|||14,897,248|14,669,963|
||||||2023|2022|
|---|---|---|---|---|---|---|
||||||E|E|
|Amounts|falling due||within|one year on demand:|||
|Bankloans|||||400,000|1,675,647|
|Amounts|falling due||in more than five years:||||
|Repayable||otherwise|than|by Instalments:|||
|Bankloans||more 5 yrs non-Inst|||13,862,638|14,135,063|
##
##
||The following|secured d|ebts are|induded
within creditors:||||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
||||||||f|
||Bank loans|||||14,262,638|15,810,710|
|22.|MOVEMENT|IN FUNDS||||||
|||||||Net||
|||||||movement|At|
||||||At' 1.7.22|in funds|30.6.23|
||||||f|f|f|
||Unrestricted|funds||||||
||Generalfund||||26 675 174|(1157923)|25~517~251|
||TOTALFUNDS||||26,675,174|(1,157,923)|25,517,251|
||Net movement|In funds,|Included|in the above are as follows:||||
|||||Incoming|Resources|Gains and|Movement|
|||||resources
f|expended
f|losses
f|in funds
f|
||Unrestricted|funds||||||
||Generalfund|||4f609931|(4670 557)|(1097297)|(L157(923)|
||TOTAL FUNDS|||4,609,931|(4,670,557)|(1,097,297)|(1,157,923)|
##
|Compar|atlve|s
for movem|ent
in f|unds|||||
|---|---|---|---|---|---|---|---|---|
||||||||Net||
||||||||movement|At|
|||||||At 1.7.21|in funds|30.6.22|
|||||||f|f|f|
|Unrestricted||funds|||||||
|General|fund|||||20/482~084|6,193,090|26,675,17'}|
|TOTAL|FUNDS|||||20,482,084|6~193090|26 675 174|
|Comparative||net movement|In funds,|included|in the above are as follows:||||
||||||Incoming|Resources|Gains and|Movement|
||||||resources
f|expended
f|losses
f|in funds
f|
|Unrestricted||funds|||||||
|General|fund||||5,853,120|(3,787,277)|4,127,247|6,193,090|
|TOTAL|FUNDS||||5 853 120|(3787~277)|4 127247|6,193,090|
##
##
##
##
|charitable
|rate. The detail|s are as follows:|||
|---|---|---|---|---|
||||2023|2022|
||||E||
|Investment|Management|Costs|60,879|58,697|
|Property sale/purchase|||9,625||
|Capltalised|Finance Costs|||8,166|
||||70,504|66,863|
||||2023|2022|
|---|---|---|---|---|
||||E|6|
|The Kemach
Foundation|||690,405|686,055|
|Kemach|Kidum|Miktzoee Chareldl|141,413|126,930|
|The Jacob Foundation|||25,000|50,000|
|London|School|ofJewish Studies|16,400||
||||873,218|862,985|
##
||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|
||||||||E||
|Financial|assets|measured
at fair value through|||income and||||
|expenditure|||||||||
|Financial|assets measured
at fair value through||income||and expenditure||35x457,001|43,039,836|
|Financial|assets|that are debt instruments|measured at||||||
|amortlsed cost|||||||||
|Flnandal|assets that are debt instruments
measured|||at|amortised|cost|7~913~002|2,347,084|
|Financial|liabilities measured at amortised||cost||||||
|Financial|liabilities|measured
at amortised
cost|||||17,852,752|18,7'l1,7'I6|
##
##
##
|The total future
minimum
lease payments
receivable
under n|on-cancellable
operating
leases are|as follows'.|
|---|---|---|
||2023|2022|
||E|I|
|Not later than 1year|1,633,413|1,700,347|
|Later than 1year and not later than 5 years|3,834,101|4,072,568|
|Later than 5 years|1,361,590|1,928,100|
||6I829I104|7,701,015|